Bill H.1195
187th (2011 - 2012)

An Act authorizing certain licensees of the Division of Banks to participate in a multi-state licensing system

Bill Title: An Act authorizing certain licensees of the Division of Banks to participate in a multi-state licensing system

By Mr. Koutoujian of Waltham, a petition (accompanied by bill, House, No. 1195) of Peter J. Koutoujian relative to authorizing certain licensees of the Division of Banks to participate in a multi-state licensing system. Financial Services.

SECTION 1. Section 24B of chapter 93 of the General Laws, as appearing in the 2008 Official Edition, is hereby amended by adding the following paragraph:--

The commissioner may participate in a multi-state licensing system for entities engaged in the business of a debt collector. The commissioner may establish requirements for participation by an applicant in a multi-state licensing system which may vary from the provisions set out in this section. The commissioner may require a background investigation of each applicant for a debt collector license by means of fingerprint checks by the criminal history systems board pursuant to section 172 of chapter 6, and the Federal Bureau of Investigation for state and national criminal history record checks. If the applicant is a partnership, association, corporation or other form of business organization, the commissioner may require such background investigation by means of fingerprint checks on each member, director, principal officer of such applicant, and any individual acting as a manager of an office location. The applicant shall pay directly to such multi-state licensing system any additional fee relating to participation in such multi-state licensing system.

SECTION 2. Section 102 of chapter 140 of the General Laws, as so appearing, is hereby amended by adding the following paragraph:--

The commissioner may participate in a multi-state licensing system for entities engaged directly or indirectly, in the business of making loans of six thousand dollars or less. The commissioner may establish requirements for participation by an applicant in a multi-state licensing system which may vary from the provisions set out in this section and sections 98 and 102. The commissioner may require a background investigation of each applicant for a small loan license by means of fingerprint checks by the criminal history systems board pursuant to section 172 of chapter 6, and the Federal Bureau of Investigation for state and national criminal history record checks. If the applicant is a partnership, association, corporation or other form of business organization, the commissioner may require such background investigation by means of fingerprint checks on each member, director, principal officer of such applicant, and any individual acting as a manager of an office location. The applicant shall pay directly to such multi-state licensing system any additional fee relating to participation in such multi-state licensing system.

SECTION 3. Section 4 of chapter 167F of the General Laws, as so appearing, is hereby amended by adding the following paragraph:--

The commissioner may participate in a multi-state licensing system for entities engaged in the business of selling, issuing or registering checks or money orders. The commissioner may establish requirements for participation by an applicant in a multi-state licensing system which may vary from the provisions set out in this section. The commissioner may require a background investigation of each applicant for a license to engage in the business of selling, issuing or registering checks or money orders by means of fingerprint checks by the criminal history systems board pursuant to section 172 of chapter 6, and the Federal Bureau of Investigation for state and national criminal history record checks. If the applicant is a partnership, association, corporation or other form of business organization, the commissioner may require such background investigation by means of fingerprint checks on each member, director, principal officer of such applicant, and any individual acting as a manager of an office location. The applicant shall pay directly to such multi-state licensing system any additional fee relating to participation in such multi-state licensing system.

SECTION 4. Section 6 of chapter 169 of the General Laws, as so appearing, is hereby amended by adding the following paragraph:

The commissioner may participate in a multi-state licensing system for entities engaged in the business of receiving deposits of money for the purpose of transmitting the same or equivalents thereof to foreign countries. The commissioner may establish requirements for participation by an applicant in a multi-state licensing system which may vary from the provisions set out in this section and section 3. The commissioner may require a background investigation of each applicant for a license to receive deposits of money for the purpose of transmitting the same or equivalents thereof to foreign countries by means of fingerprint checks by the criminal history systems board pursuant to section 172 of chapter 6, and the Federal Bureau of Investigation for state and national criminal history record checks. If the applicant is a partnership, association, corporation or other form of business organization, the commissioner may require such background investigation by means of fingerprint checks on each member, director, principal officer of such applicant, and any individual acting as a manager of an office location. The applicant shall pay directly to such multi-state licensing system any additional fee relating to participation in such multi-state licensing system.

SECTION 5. Section 3 of chapter 169A of the General Laws, as so appearing, is hereby amended by adding the following paragraph:--

The commissioner may participate in a multi-state licensing system for entities engaged in the business of cashing checks, drafts or money orders for consideration in excess of one dollar per item. The commissioner may establish requirements for participation by an applicant in a multi-state licensing system which may vary from the provisions set out in this section and section 5. The commissioner may require a background investigation of each applicant for a license to cash checks, drafts or money orders for consideration in excess of one dollar per item by means of fingerprint checks by the criminal history systems board pursuant to section 172 of chapter 6, and the Federal Bureau of Investigation for state and national criminal history record checks. If the applicant is a partnership, association, corporation or other form of business organization, the commissioner may require such background investigation by means of fingerprint checks on each member, director, principal officer of such applicant, and any individual acting as a manager of an office location. The applicant shall pay directly to such multi-state licensing system any additional fee relating to participation in such multi-state licensing system.

SECTION 6. Section 2 of chapter 255B of the General Laws, as so appearing, is hereby amended by adding the following paragraph:--

The commissioner may participate in a multi-state licensing system for entities engaged in the business of a motor vehicle sales finance company. The commissioner may establish requirements for participation by an applicant in a multi-state licensing system which may vary from the provisions set out in this section and section 3. The commissioner may require a background investigation of each applicant for a motor vehicle sales finance company license by means of fingerprint checks by the criminal history systems board pursuant to section 172 of chapter 6, and the Federal Bureau of Investigation for state and national criminal history record checks. If the applicant is a partnership, association, corporation or other form of business organization, the commissioner may require such background investigation by means of fingerprint checks on each member, director, principal officer of such applicant, and any individual acting as a manager of an office location. The applicant shall pay directly to such multi-state licensing system any additional fee relating to participation in such multi-state licensing system.

SECTION 7. Section 3 of chapter 255C of the General Laws, as so appearing, is hereby amended by adding the following paragraph:--

The commissioner may participate in a multi-state licensing system for entities engaged in the business of an insurance premium finance agency. The commissioner may establish requirements for participation by an applicant in a multi-state licensing system which may vary from the provisions set out in this section and section 4. The commissioner may require a background investigation of each applicant for an insurance premium finance agency license by means of fingerprint checks by the criminal history systems board pursuant to section 172 of chapter 6, and the Federal Bureau of Investigation for state and national criminal history record checks. If the applicant is a partnership, association, corporation or other form of business organization, the commissioner may require such background investigation by means of fingerprint checks on each member, director, principal officer of such applicant, and any individual acting as a manager of an office location. The applicant shall pay directly to such multi-state licensing system any additional fee relating to participation in such multi-state licensing system.

SECTION 8. Section 2 of chapter 255D of the General Laws, as so appearing, is hereby amended by inserting, after the first paragraph, the following paragraph:--

The commissioner may participate in a multi-state licensing system for entities engaged in the business of a sales finance company. The commissioner may establish requirements for participation by an applicant in a multi-state licensing system which may vary from the provisions set out in this section and section 3. The commissioner may require a background investigation of each applicant for a sales finance company license by means of fingerprint checks by the criminal history systems board pursuant to section 172 of chapter 6, and the Federal Bureau of Investigation for state and national criminal history record checks. If the applicant is a partnership, association, corporation or other form of business organization, the commissioner may require such background investigation by means of fingerprint checks on each member, director, principal officer of such applicant, and any individual acting as a manager of an office location. The applicant shall pay directly to such multi-state licensing system any additional fee relating to participation in such multi-state licensing system.

The information contained in this website is for general information purposes only. The General Court provides this information as a public service and while we endeavor to keep the data accurate and current to the best of our ability, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

Unsupported Bill Output Format

The document text is in an unsupported format to view in a browser.

Please use the "Download PDF" link if you wish to View/Print this document.